SINGAPORE, Sept 25 (Reuters) - Turkey raised its gold
reserves by the most in five months in August and topped the
list of countries that bought more bullion, according to the
International Monetary Fund, showing that gold's appeal remains
intact despite falling prices.

Russia, which has the world's seventh largest reserves of
gold, increased its holdings last month by the biggest amount
since December, according to the IMF data on Wednesday.

Eight central banks increased reserves in August, down from
15 in July, while five cut their holdings.

Gold holdings by central banks are keenly watched since the
group became net buyers in 2010 after two decades as net
sellers. The 2008 global economic crisis triggered resurgent
official-sector interest in gold.

"This is consistent with our view that central banks
continue to view gold as good value on a long-term basis," said
Victor Thianpiriya, an analyst with Australia and New Zealand
Banking Group.
Continued...